Know About Rocket Mortgage
Rocket Mortgage is an online and mobile-friendly mortgage application process service. It was developed and launched by Quicken Loans in 2015. It gives you the ability to avail on-demand assistance from various licensed mortgage advisors with just a single tap. With Rocket Mortage you can very easily o through the entire loan process at your own pace.
Rocket Mortgage gives you a great experience in terms of progressing from one step to another; when you are opting for a loan that can often be more than six figures. It also has an additional functionality wherein the lender can anticipate user questions and have all the answers readily available. Regis Hadiaris who is the product lead at Rocket Mortgage believes that; a lot of people use the platform primarily for research when they are looking forward to either refinancing or buying a house.
You will observe that Rocket Mortgage has the typical non-bank lenders’ loan lineup. Basically, you will observe that they offer everything except home equity loans and home equity lines of credit.
Most non-depository lenders tend not to offer home equity loans or lines of credit. Because they don’t always have the capital from bank deposits required to fund them. Non-bank lenders mostly tend to sell loans to investors and enterprises such as Fannie Mae and Freddie Mac which are government-sponsored. Now, while Rocket Mortgage doesn’t avail reverse mortgages offerings, an affiliated company by the name One Reverse Mortgage does. So you can check them out as well.
One of the Largest Refinance Lenders
Quicken Loans launched Rocket Mortgage, as of right now, happens to be one of the largest refinance lenders in the US by volume. This has been verified by the Home Mortgage Disclosure Act data. With mortgage rates so low, home loan refinancing has been able to remain very popular over the last few years. This is why Rocket Mortgage has been able to garner its fair share in this market space.
Rocket Mortgage has a very intuitive process when it comes to refinancing. Once you navigate to its home page and select ‘Home Refinance’, you will be led to a very simple three-tab decision tree. These options are ‘take cash out’, ‘lower your payment’ and lastly ‘shorten your loan term’. Now, once you make a selection after deciding on your goal; the application process gets tailored according to your specific refinancing need. At this point, you’ll be prompted to create an account to get started.
Now for the loan process, you will have to either click or tap on either one of the options which are ‘Refinance’ and ‘Buy a Home’. After this, you will be required to sign in to your account and choose a goal such as ‘Lower your monthly payment’. Lastly, asset information such as bank and investment accounts can be easily downloaded directly via 98% of the U.S. financial institutions. Similarly, for about 60% of working Americans, information related to their income and employment can be imported as well.
This brings us to the end of our discussion on Rocket Mortgage. Now, do let us know if you have already given the service a try or if you are planning to do so.